In early February, Strategy (MSTR), the world’s largest publicly traded bitcoin holder is already down 7% and is on track for an eighth consecutive monthly decline.
The stock, currently trading near $141, is down about 75% from its November 2024 high of around $540.
Most of the decline has occurred since July, with seven consecutive negative months. By the end of 2025, the stock had fallen 48% for the year, its second worst annual performance on record. The worst year remains 2022, when stocks fell 75%.
In comparison, the price of Bitcoin has fallen about 40% from its all-time high in October. This puts the performance gap between MSTR and Bitcoin at around 35%. In January, this gap briefly widened to 45%, matching a record last seen in 2021, according to checkonchain.
The company’s net asset value multiple (mNAV), calculated by dividing the company’s value by its bitcoin reserves, remains above 1, at 1.09. This means that Strategy is able to continue selling common stock through marketplace offerings to buy Bitcoin.
However, if the stock continues to fall, future bitcoin purchases will likely be less. If mNAV falls below 1, the company may be forced to suspend purchases and wait for a rebound.
During the previous bear market, in 2022, Strategy was only able to raise $275 million and used the proceeds to purchase around 10,000 BTC.
Read more: Michael Saylor’s Bitcoin stack is officially underwater, but here’s why he probably won’t hit the panic button
